Barber Company Has the Following Information Available for the Most

question 42

Multiple Choice

Barber Company has the following information available for the most current year:
$\begin{array} { l } \text {Paid-in capital, January 1, 2014 }&\$ 475,000\\ \text {Retained earnings, January 1, 2014 }&\$100,000 \\ \text { Total revenues in 2014}&\$ 870,000\\ \text {Total expenses in 2014 }&\$550,000 \\ \text {Dividend declared in 2014 }&\$70,000 \\ \text {Dividend paid in 2014 }&\$ 0\\ \text {Investments by owners in 2014 }&\$10,000 \\\end{array}$

What was the total amount of Retained Earnings for Barber Company at December 31,2014?

• A) $30,000
• B) $250,000
• C) $350,000
• D) $420,000

Understand the enforcement and limitations of non-competition clauses in employment contracts.

Identify and distinguish between proportional, progressive, and regressive tax systems.

Understand the concept of tax bases and tax rates on different economic activities.

Calculate average and marginal tax rates using given data.

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Definitions:

Time-and-a-half

This refers to a pay rate that is one and a half times the regular rate, typically paid for overtime or hours worked beyond the standard workweek.

Hourly Wage Rate

The amount of money paid for each hour of work performed by an employee.

Unemployment Tax

A tax that employers pay to the government to fund unemployment benefits for workers who lose their jobs.

Social Security Tax

A tax that funds the United States' Social Security program, collected from both employees and employers.